[Resolved] Kotak Mahindra Prime Ltd. , Mumbai — Cheating and harrassment | |||
16th April 2010 To, Mr. Sumit Bali, The Chief Executive Officer, Kotak Mahindra Prime Ltd., Vinay Bhavya Complex, 1st floor, 159, CST road, Kalina, Santacruz (East), Mumbai-400098. SUBJECT : Complaint against your agent Mr. Yatin working under Mr. Gaurav Gangwal for deliberately misguiding and cheating of Rs. 17,275 /- Dear Sir, This is to bring to your kind notice that I have been cheated by Mr.Yatin , working under Mr. Gaurav Gangwal of Kotak Mahindra Prime Ltd. , Santacruz (E) branch, while trying to procure a vehicle loan. The matter is stated below in a precise manner for you to pursue the same and bring justice to my said cause. Allow me to introduce myself as Mr. Phalvinder Singh Padam , resident of 101, Pushpmeet , Dutta Temple road , Dahanukar Wadi, Kandivali(W), Mumbai-400067, and working as Director with Sanskar Info.TV. Pvt. Ltd. (Sanskar Channel). My mobile number is [protected] and [protected]. On 17th March 2010, 7 p.m., I had applied for a car loan through Mr.Yatin, who met me in Escorts International, 112, 1st floor, Mahavir Industrial estate, Ram Chandra lane extension, Kachpada, Malad (W), Mumbai, seeking a loan of around 2.5 lakhs on my new Santro GLS, Regn. No.- MH 02 BM 2933, and I also handed him over my original R.C book (smart card). On 18th March, Mr.Yatin called me on cell and informed that the loan of Rs. 2, 65,000 /- (approx.) is considered and I need to pay cash Rs. 8000/- against an advance EMI and Rs. 9,275/- cash, which will go towards the officer at the rate of 3.5% to sanction it in short time. I withdrew the amount from Bank of Baroda and Central Bank of India ATMs, and he personally came to my residence to collect the cash which totaled Rs.17, 275/-. Although I had been under very tight condition economically, I somehow shelled out this money since I needed loan badly. Suddenly, only after a day, on 19th March, my requirement was met through other sources ; so I immediately called him to stop my loan proceedings in Kotak Mahindra Prime Ltd. With immediate effect and requested him to refund my amount. On which he replied that it was very difficult since my file (application) has already been forwarded for disbursement and the money is deposited in the company’s account. When I tried to argue with him, he became very aggressive and started giving evasive replies. At last, he gave me the cell no. of Mr.Gaurav Gangwal and asked me to request him if anything could be done. But one thing he was assuring me very vehemently was that, even if the company agrees to foreclose my loan, my advance EMI of Rs.8000/- (cash) will be “forfeited” and I will be required to pay a penalty of Rs.16,000/- more. It really was very shocking to me. The very next day on 20th March, morning, I spoke to Mr.Gaurav who said he would find out details with Mr.Yatin and promised to help me. 21st March was Sunday. On 22nd, Mr.Yatin replied that my R.C. is sent for hypothecation formalities and cannot be taken back at that point of time. I felt something fishy and on 23rd, sent an SMS to Mr. Gaurav Gangwal to stop the loan process on as is where is basis first, until I personally reach and find out the facts with him. I, moreover, asked Mr.Yatin to provide me day to day proceeding data of my loan processing formality from Kotak Mahindra Prime Ltd., for which he said was not possible. Answering my SMS, Mr.Gaurav sent an SMS advising me to cancel it only through the sourcing agent Mr.Yatin. Then, on the very same day, on 23rd March, I gave a written letter to Mr.Yatin addressing Kotak Mahindra to cancel my loan application. Since then, I have been only waiting for a proper and justifying response but nothing has happened so far. Meanwhile, I visited Mr.Gaurav twice in Kotak Mahindra office seeking his help. He said that the company never accepts cash EMIs and I must talk to Mr.Yatin. So, as you see, I have been going from pillar to post to recover my hard earned money, which according to Mr.Gaurav is not with Kotak and has provided me with only one reference no.- CF-5867840, dated 23rd March 2010(handwritten). I hereby request your good self to kindly investigate into this fraud and help me recover my losses. Apart from monetary trouble, it was their attitude and work ethics that shocked me and am seeking justice from you. Incase, you choose not to pursue this matter any further, I will be forced to take legal action and will demand compensation too. Kindly do the needful at the earliest as your esteemed firm may lose its valuable reputation. Warm Regards, Phalvinder Singh Padam. CC to:- The Director of Kotak Mahindra Prime Ltd., 1st floor, Ceebros Centre, 45-Montieth Road, Egmore, Chennai-600 008. The Chief Operating Officer, Sudhakar Shanbhag, Santacruz(W), Mumbai. The Secretary, Mr.Harish Shah, Santacruz(W), Mumbai. Was this information helpful? | |||
Aug 14, 2020 Complaint marked as Resolved | |||
 4 Comments | |||
Comments
Subject: - Reg .N.O.C. ( no Objection Certificate) against Loan no CF 6311469
Sir
The Applicant was given a Loan amounting to Rs 202407.00 Vide agreement No CF 6311469 dated 20/09/2010 the Loanee has paid (four) 4 Installment of a Rs 7080.00 each out of which one cheques was bounced in the month of February 2011 to which the loanee has asked you not to intimate the cheques against to the bank the amount of Rs 7080.00 of bounced cheques will be adjusted at the time of final payment accordingly a Fore Closer Dated 15/03/2011 for Rs 190066.00 was presented to the applicant and the applicant has made good the same vide payment Receipt no[protected] Dated 15/03/2011 in which the amount of bounced cheques for Rs. 7080.00 was adjusted there and does not remain any amount to be paid.
It is further advice to intimate me in black and white the amount was due to bee paid to KOTAK MAHINDRA PRIME LTD in detail and the total amount already paid (payable-paid) by the loanee to K.M.P.Ltd. however as per record of payment and fore closer the loan has been finally made good.
It is further requested that “N.O.C.” may kindly bee issued in the favoure of applicant within 10 (ten) days of receipt of this letter .
Sir
The Applicant was given a Loan amounting to Rs 202407.00 Vide agreement No CF 6311469 dated 20/09/2010 the Loanee has paid (four) 4 Installment of a Rs 7080.00 each out of which one cheques was bounced in the month of February 2011 to which the loanee has asked you not to intimate the cheques against to the bank the amount of Rs 7080.00 of bounced cheques will be adjusted at the time of final payment accordingly a Fore Closer Dated 15/03/2011 for Rs 190066.00 was presented to the applicant and the applicant has made good the same vide payment Receipt no[protected] Dated 15/03/2011 in which the amount of bounced cheques for Rs. 7080.00 was adjusted there and does not remain any amount to be paid.
It is further advice to intimate me in black and white the amount was due to bee paid to KOTAK MAHINDRA PRIME LTD in detail and the total amount already paid (payable-paid) by the loanee to K.M.P.Ltd. however as per record of payment and fore closer the loan has been finally made good.
It is further requested that “N.O.C.” may kindly bee issued in the favoure of applicant within 10 (ten) days of receipt of this letter .
-kotak mahindta prime staff as far as my experince goes does not stand to their words and cannot be trusted.For them every statement/ every promise they make, must be supported with a writthen proof.hence comments by mr yatin seth cannot be taken on face value.
-My loan acct no-4353680. I had requested for no due certificate from new delhi office on06 jan 2011 as the loan amt had already been cleared on 21 dec 2010.The company rep (mob no-[protected] )confirmed the repayment of the loan amt and assured me to forward the certificate within a week. thereafter whenever i asked her about it either she was not in office or promised to do the needful at the earliest, till date i have not recieved the requisite document.
- on 06 may 2011 i got a shocker when i was informed on phone that there is some amt outstanding against me. i have been told that the amt is on account of not stopping ECS while last six EMIs were paid by cheaques. here it is pertinent to mention that through above mentioned mob N0 I had spoken to one of the officer in recovery deptt on the issue and the officer had requested me during June 2010 to repay the remaining EMIs through cheques as there was some technical problem in company's system which had become a recurring phenomenon, accordingly i despatched six cheques with a letter to stop recovery throughECS.
- as far as going to press/media is concerned that is the only option left with a civilised and ordinary citizen of this great country. Really not expected from such a reputed firm.
-My loan acct no-4353680. I had requested for no due certificate from new delhi office on06 jan 2011 as the loan amt had already been cleared on 21 dec 2010.The company rep (mob no-[protected] )confirmed the repayment of the loan amt and assured me to forward the certificate within a week. thereafter whenever i asked her about it either she was not in office or promised to do the needful at the earliest, till date i have not recieved the requisite document.
- on 06 may 2011 i got a shocker when i was informed on phone that there is some amt outstanding against me. i have been told that the amt is on account of not stopping ECS while last six EMIs were paid by cheaques. here it is pertinent to mention that through above mentioned mob N0 I had spoken to one of the officer in recovery deptt on the issue and the officer had requested me during June 2010 to repay the remaining EMIs through cheques as there was some technical problem in company's system which had become a recurring phenomenon, accordingly i despatched six cheques with a letter to stop recovery throughECS.
- as far as going to press/media is concerned that is the only option left with a civilised and ordinary citizen of this great country. Really not expected from such a reputed firm.
Kotak Mahindra Prime or any other loan provider: (1) Make sure you clearly get a signed information on what the different charges are, (2) Make sure that all commitments are signed by the Executive/Loan Officer, (3) Make sure that the loan repayments are scheduled towards the end of the month - while you may pay by a certain date, it actually gets credited to the loan account (4) Ask for the amortization schedule in advance, and (5) Make sure that you read the fine print on foreclosure charges etc. A lot of this can be wool over your eyes - they may offer discounts but cover up the difference by introducing all kinds of charges.
The rating is 1-star because most of the executives sell a product because they want to meet a target, and do not care about customer's interests.
The rating is 1-star because most of the executives sell a product because they want to meet a target, and do not care about customer's interests.
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27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051
only known to him & has been using the company for all his misdeeds and PUTTING THE COMPANY'S REPUTATION AT STAKE
Mr Phalvider Padam Singh Alias Pappu ([protected]/[protected]) residing on rent at 101/1st floor Pushpameet Bldg Datta Mandir Road Dhanukarwadi Kandivili west Mumbai who approached me through one of our common friend Mr Sunil Nattani(his estate agent as well for flat purchased in miraroad)for loan against his Hyundai Santro car bearing Registration No.MH02BM2933
Mr Phalvider wanted to buy a flat at mira road for which he was short of some money and hence he applied for loan against his santro car
All terms and condition regarding the loan and were explained to him in prior for which he had agreed as well
All requisite papers were provided to us by him on the pretext of availing the loan which eventually got approved and the rest of the post disbursement formalities with the bank had been adhered with and completed
For some or the other reasons, probably he was into an illusion that his Home loan from Dhfl had got approved, this guy was dilly dallying with the car loan applied through me and eventually asked me to cancel it which I again adhered to with utmost humility
Unfortunately his Home loan application in DHFL got rejected and he was left at sea
The person somehow become so restless and frustrated for reasons known only to him that he has started creating a malicious case against us by levying stupid and baseless allegations on us that we have taken some odd amount of Rs 17, 000/= on the pretext of bribing an officer from kotak mahindra bank
Moreover Mr Phalvinder has been defaming our name in kotak mahindra and in our neighboring vicinity as well
he never came to our office for submitting his documents for loan
application
we had personally gone to his residence AT HIS REQUEST on 12/04/2010 at 7.00 pm to
collect the same which was completed on 15/04/2010 at 12.50 pm(rc and
updated bank statements where mailed to me) and eventually all papers
where forwarded to kotak for further process
since then we have never been to his place in fact he has been coming to
our office
once the case was through we did call him on 17/04/2010 so as to
complete the post disbursement process of getting into an
agreement, giving us the pdc's, getting ecs mandate verified etc which
he did as well
it was the customer who was into hurry so as to service him we asked him
to submit his original rc book and insurance for endorsing
hypothecation of kotak mahindra prime ltd (so that he could have the
disbursement cheque in his hand) THE RC BOOK WHICH WAS GIVEN TO US was eventually forwarded to bank's empaneled rto agent Mr kuljeet
we did call him on 18/04/2010 so as to give him the details of his
loan disbursement which he patiently did listened to and was OK with it
tomorrow he will have a withdrawal of Rs 42, 500/=from his accounts(Bank
of Baroda and Central Bank of India ATMs)
and state that Rs 16000/=was given to us and rest of the
money(10%) amounting to Rs 26, 500/=given to an employee of kotak to get
the loan done and will claim the same
what on earth is he trying to prove ?
how can one stoop this low?
moreover he never told me to cancel the loan
he just inquired can it be delayed for a day and what are the charges in case if he forecloses the loan
in case of customer foreclosing the loan we did tell him
that you will have to bear a prepayment of approximately 6% on the
principal outstanding amount(6% of Rs 2, 65, 000/= is Rs 15, 900/=)
if at all we had anything to hide we wouldnt have given him the
whereabouts of kotak mahindra prime ltd and Gaurav's(relationship manager -used car loans mumbai) number
we have lodged a police complain with malad police station as well
also to add salt to injury when we went to police station he confidently alleged the same and one of his associate accompanying him even offered is to settle it out of the police station which we outrightly denied
he has been using the company"s brand as to threaten us and the bankers as to that he will post it in the news channel and news paper
he has been using the company for all his misdeeds and PUTTING THE COMPANY'S REPUTATION AT STAKE
as for applying loan for his home from dhfl, he had stated all wrong information
IF NEEDED CAN VERIFY THE SAME WITH DHFL(Mr H Rao (nos. and mail id can be provided if need be)
AS PER HIM
CUSTOMER IS OF BAD REPUTE AND HAD IMPARTED
FALSE INFORMATION WHEREVER HE APPLIED FOR LOANS ALSO HIS LOAN FORM DHFL
HAD BEEN CALLED OFF EVEN AFTER ISSUING HIM A SANCTION LETTER
HE IS ONE OF THOSE PEOPLE WHOSE INTENTIONS ARE DUBIOUS
AS IT IS HE HAD GIVEN ADDRESS OF YOUR ANDHERI BRANCH WHILE APPLYING FOR THE LOAN, WHICH WAS SENT FOR VERIFICATION(Mr PHALVINDER WASN'T AWARE OF THIS)
ON VERIFYING THE BANKERS REALIZED THAT HE DOES NOT OPERATE FROM THERE
THATS WHERE THEY FOUND SOMETHING FISHY AND INVESTIGATED THE ENTIRE CASE AND DECIDED AS TO NOT GIVE HIM THE LOAN
moreover he has been projecting HIS OWN company in bad shape by stating that in-spite of it being so big company they have been returning his commission cheques,
when asked if the contracts get over what will he do for HIS LIVING, he stated that he has already created his own referrals working with SANSKAR INFO PVT LTD and is no more depended on them
and that he already has projects lined up
yes of course in police complain we have mentioned about our consultation charges which is irrelevant all we want from this guy is an apology letter